The laminate flooring market has been forecast to reach global sales of 1.7 billion square meters by 2018, driven by the development of innovative designs and technologically advanced products, the improvement in the economic climate and the rise in new constructions and renovations.
Laminate flooring has found widespread acceptance among consumers across the world, primarily due to its ease of installation and maintenance, and its cost-advantage over other types of flooring products such as stone, wood, ceramics and vinyl.
Laminate flooring also derives benefits owing to its eco-friendly flooring attribute. Apart from their durability and aesthetic appeal, constant innovations and advancements in production and designing methods bode well for market growth.
Some of the advancements that have occurred over the past few years include mechanical locking systems, high definition printing for creating realistic visuals, and wear layer protection to ensure longer life of floor covering.
All of these improvements are driving consumers, in particular DIYers, to move towards laminate flooring. The DIY segment of the laminate flooring market is expected to witness healthy growth, driven by consumers' growing desire to optimise returns on their investments.
The rebound in the residential and commercial construction sectors is expected to stimulate sales in the global market.
Furthermore, the revival of new residential construction from the lows seen in the past few years is expected to infuse new demand for various types of flooring, including laminate flooring.
According to a recent market report, 'Laminate Flooring: A Global Strategic Business Report,' Europe represents the largest market worldwide. Though the market is impacted by the economic uncertainty and slowdown in construction activity, long-term growth will be driven by consumer demand for eco-friendly and high-quality flooring options.
Asia-Pacific, another fast-growing regional market, is expected to experience robust growth in the upcoming years, driven by the launch of advanced products, particularly those with improved moisture resistance capabilities, and development of glueless laminates.
For more information on the laminate flooring market, see the latest research: Laminate Flooring Market
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